Jack, as personal representative under his mother’s Will, has been working on an Accounting as required by probate court procedures. Last week, he listed each asset in her estate and reported the income on it.
He also must show the sale price of any assets he sold and the valuation of any he has chosen not to sell. For example, he decided not to sell the Apple stock she owned, because he thinks it will continue to go up in value and can be easily divided equally between the heirs.
In his Accounting, then, he must show the value of that stock on the date of his mother’s death.
The Accounting must list any liens against estate assets, such as the mortgage on her home. Then, Jack must show the sale price of her house, the payment of the mortgage, and the expenses of sale.
As you can see, it is fortunate that Jack is very good with organizing details, because the court can be quite interested in them.
For guidance on simplifying the paperwork required in probate after your death – or even eliminating the court part of probate – call our office at (815) 436-1996 for an appointment. We can help you follow through on the details of the estate you may be handling. © 2013 Gruber Law Office, Ltd.